here is page two of the log. It shows my handwriting fro bars 22 onwrd where I overwrite in heliotrope the homework done by the beginner.
Fortunately, I printed out the color version of those charts from the other thread. I was hoping you would give a step by step as to why bar 4 was labeled a C turn (D-D). Also, bar 13 is labeled the exact same type of turn but bar shape is FTP (internal) and price should have suppressed volume measurement correct?
Thank you once again for a nicely detailed reply, my apologies for asking for the same thing twice, but ET has a posting delay of some kind and I hadn't seen your response. I will have further questions and will compile/send them tomorrow morning.
Ok Jack, I have my list of questions compiled regarding 8-2-13. 1. The only C turn with Ba as N event has BM-Rev as N-1 event. Was the BM-Rev during the prior trading day? 2. Does the Ba bandpass volume have to be >T2P but <P2, i.e. would it have been a Fb (or Ca?) if volume was >P2? 3. Since bar 4 was labeled a complete C turn I thought the next bar becomes a P1. I noticed you have "T assigned" for bar 5. Either way the next bar's volume is lower so it becomes T1. 4. I repeatedly get stuck on this aspect, but how is it that bar 13 volume is measured since it is an internal FTP? Understanding this is of particular importance since you assigned another C turn to bar 13. Thanks for your patience and for donating your time to this forum.
Hi Jack, In the search for the secrets to the Markets, would it not benefit the new Trader to read magazines like Active Trader and attempt to figure out what men like Robert Green are trying to tell the average Jan or joe trader? Active Trader magazine use to do a interview with Robert Green of "Green Trader Tax" in Greenwich Connecticut for strategies on tax avoidance and other methods to protect your capital in case you have a bad year, most Traders usually would benefit from "Mark to Market" accounting. It was shocking to see how much money the average "winning day trader" or "swing trader" made. If my memory serves me correct, it's was akin to $54,000 or less and that's makes up a large percent of the Three Percent Winners! Anyone who reads Active Trader Magazine knows who Robert Green is, I don't recommend him to do anyone's taxes that make the $75,000 or below, you will pay him or "Buddy" $5,000 or 10%+ of your income. Is this what you have come to see when you coach traders or Prop-Shop Traders Jack? Would a prop-shop benefit a new trader who needs some camaraderie and self-control by having a proper risk-manager who can see if the trader is going to blow up? The Magazine was 2004-2006 Time Range if anyone want's to read the article, it was interesting and depressing to think that of the 97% of people who don't make money Trading, the next level or 1.6%+ made $100 to $75,000 I asked Robert what percentage of "At home traders" make above $250,000 to $2,500,000 per year and the stats were staggering low. It's insulting to see the Etrade Baby and that firm tell everyone how easy it is to Trade, "even a baby can understand it! TradeStation's commercials and others are not cool, all that data can make a new Trader churn and churn and burn through that money with high commissions and losses because, "hey, a creepy baby can trade so why can't I?" Do you think the likes of Dr. Alexander Elder and all those Traders that have booths at the Las Vegas Trading Expo who provide you with a seminar and books costing up to $2000 like Greg and Oliver sell. Do those guys really know how to trade are they just selling false hope? The link Debby put up for us is interesting, each trader should read through those notes Hermit Trader documented for us, it hit really hard and so close to home with me! That info can save the kids some real money and avoid that horrible feeling of blowing-up by doing those exercises you are helping us with. Thank you Jack!
Your post is a good example of what goes on in our trading room. The conversatiions are all like this as the 300 seconds of each bar passes. At bar 13, everyone knew there saw a situation. they also knew how to handle a lateral. We all remember Donna learning and she did get into Al Brooks and how she had difficulty reading Al's composition. Recently, others have lamented the reappearance of bar by bar. Things are cyclic in many ways. It is hard to imagine that the publisher of Granville in 1960 could publish Covell when they did.
You are describing a decade or so of CW experience. The national stats come through compilations of client's performance in IB's. CW is what it is. The amateurs trading record is one where people come and go so their is a high turn over of people learning failure. stats often fail to handle the survivor basis of reckoning. So you have a typical view. A person commented recently on his education and his consequent BS viewpoint. Hey, I went to college, got an advanced degree, taught at many colleges and universities, and was listed on a top tier MBA school. I do what this guy feels is not possible. People keep track of how rich some people are. Why keep money you hve extracted from the markets? There is no good reason to no longer use money as a commodity. I do plan on goofing off soon. But in the meantime I will buy houses so I can be where I want for given times of the year. I lived my life in reverse (If you use the conventional standard). Who cares?
Ok so at bar 15 we now know (in hindsight) that bar 13 was a C turn due to BM-Rev B turn followed by BO-T1 as our N-1, N respectively. Is there a reason the rtl was drawn high to high i.e. if bar 15 had closed below the low-low trendline would the C turn still have been confirmed?
confirmation does not enter into expert trading (or any other kind for that matter). It is required that all turns be ID'ed as to the turn type. This is done with 100% certainty. The Modrian table provides this certainty due to its sophisticated constructiion. At bar 13, you have reaped x points in a market where 21 points doubles your capital. You speak of constructing a low to low left trendline. If you have a BO of a left trendline, then the trend volatility is "making more money" in the short (This is a VE (Volatility Expansion)) At bar 9, you have the possibility Set C possibility coming up. You "know you know" you are carving long profits and reversing into a short position to take more profits in the next trend segment. the BookMark and the rtl are placed by annotating with 100% cetainty. In other systems, I have provided, the bar 12 and 13 are called the "hershey hinge" for a long to short in trending ends. In another system, bar 13 was hitting a DOM wall that was built by the greed of big money (big money always thinks it is ahead of other big money and does not see the impossibility of getting target executions (read A. Lo to find out the stupidity of academic advise the big money believes)). As you see the rtl BO after a T1 on bar 15, you go to another use within the Modrian table. There is no measurement possible on bar 15 because of the lat 3 designation. On the lat4, a retro allows the T1 to be designated BUT by then an Ab on lat 4 took us out of the trend initial band. As you grow into using the Modrian table you can see it is self correcting. Try reading through the EE's on the way to and including the bar 21. thanks for your post.